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Academy Awards 2008

Best Dressed at the Oscars

Forget the acting, it's all about the gowns. See who the big red-carpet winners were (Penélope! Cate!) on Hollywood's biggest night. By Melissa Liebling-Goldberg

CAMERON DIAZ

Fresh off a beach vacation, the presenter glows in an off-the-shoulder white satin Valentino gown and a whopping $2.9 million worth of Cartier jewelry.